Insurance Companies Act

665. (1) A company, society or provincial company shall prepare annually a return of the condition and affairs of the company, society or provincial company as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with such other information as the Superintendent may deem necessary.

Marginal note:Annual return: foreign companies

(2) A foreign company, in respect of its insurance business in Canada, shall prepare annually a return of the condition and affairs of the foreign company as at the end of each financial year, showing its assets and liabilities and its income and expenditures during that financial year together with such other information as the Superintendent may deem necessary.

Marginal note:Form and filing of annual return

(3) The annual return shall be in such form as the Superintendent determines and shall be filed with the Superintendent on or before

(a) one hundred and five days after the end of the financial year in respect of which the return is prepared, in the case of a company, foreign company or provincial company the order of the Superintendent approving the commencement and carrying on of business for which limits the company, foreign company or provincial company to the reinsurance of risks; or

(b) sixty days after the end of the financial year in respect of which the return is prepared, in the case of any other company, society, foreign company or provincial company.

Marginal note:Accounting principles

(4) The annual return shall be prepared in accordance with the accounting principles referred to in subsection 331(4).